Halifax is favourite bank to switch to

Switching energy providers is a great way to get better deal for your gas and electricity, however switching bank accounts can play an important role in saving money too.

Consumers seem less aware about switching bank accounts, which is one of the reasons that the Current Account Switch Service (CASS) was established in 2013 to simplify the switching process.

Three million accounts have been switched since the CASS was established. More than 40 banks and building societies are now part of the service and over 99% of UK current accounts are covered.

The Halifax is emerging as the most popular bank to switch to according to official figures released by BACS today.

The latest data – published six months in arrears – shows that Halifax gained more new customers from July to September 2016 than any other bank or building society, a net gain of over 28,000 new customers.

The popularity of switching to Halifax could be explained by the fact that customers who switch to the Halifax Reward Current Account can be eligible for £75 switching bonus, when using the CASS.

The following conditions must be met to qualify for the £75 bonus:

You must use the Current Account Switch Service to switch into an open new or existing Reward Current Account, Ultimate Reward Current Account (£15 monthly fee), or an existing Current Account if opened before 3rd December 2016.

You must Use the Current Account Switch Service to transfer all the active credits and debits from the bank account that you hold with another bank and close this account.

The offer applies to applications received in branch, online (Ultimate Reward Current Account and Reward Current Account only) or by phone from 1st March 2017. The offer is subject to change and can be withdrawn without notice at any time.

Commenting on the success of this initiative, Russell Galley, Managing Director, Halifax said:

“I am proud to see Halifax once again reaching the strong position of most switched to bank. The BACS data shows more than 53,000 new customers chose to bank with us during this time. We’re always working hard to deliver great service and products to our customers in a way that works best for them, helping to make them better off whether they bank with us online or visit our branches.”

About The Author

Chris

I have been writing and editing articles about personal finance since we started MoneyHighStreet.com in 2006. In that time, I have been fortunate to have had a regular broadcasting spot on BBC Radio Essex and have also appeared on BBC Rip Off Britain and ITN.
With a family comprising two teenagers, a wife and a bouncy black labrador, getting the finances right is clearly important. It's a privilege to share our tips and experiences to help you manage your money just that bit better.